Elaine Wynn Art Collection Hits Auction Block, Could Command $89 Million

• Elaine Wynn co-founded Wynn Resorts with her ex-husband, Steve
• Christie’s is handling the auction of her art collection
• She passed away in April at 82 years old

A portion of Elaine Wynn’s famed art collection will hit the auction block at Christie’s New York in November, and if the six pieces sell at the high end of forecasted ranges, proceeds could reach $89 million.

“Elaine: The Collection of Elaine Wynn” will be part of Christie’s 20th and 21st Century Art auctions. Known to some as “Ms. Las Vegas,” Elaine Wynn was the co-founder of Wynn Resorts (NASDAQ: WYNN). She passed away in April at 82 years old. At that time, no cause of death was revealed.

“Known as one of the last doyennes of old-world glamour and the ‘Queen of Las Vegas,’ Elaine Wynn transformed the city with her eye for art, architecture, and style. Her collection reflects that same instinctive sensibility,” according to Christie’s.

Wynn was a well-known patron of the arts, including increasing accessibility to art at the Los Angeles County Museum of Art (LACMA) and the Las Vegas Art Museum. The Christie’s auction of her collection features works by Richard Diebenkorn, Lucian Freud, Joan Mitchell, and J.M.W. Turner.

Piece by Piece Examination

From Wynn’s collection, Christie’s lists a Diebenkorn piece, “Ocean Park,” with an estimated price of $15 million to $25 million. A Freud work known as “The Painter Surprised by a Naked Admirer” is listed with the same range.

For the budget-conscious collector examining Wynn’s collection, Thiebaud’s “River Stretch” may be the piece to consider, as Christie’s estimates that work will sell for $3 million to $5 million.

Though not confirmed, it’s likely proceeds from the auction will go to Wynn’s estate. As Casino.org’s Devin O’Connor reported in June, the estate is valued at $2 billion. The executors are her daughters, Gillian and Kevyn, Andrew Pascal, her nephew, and businessman Bobby Kotick.

Still No Word on Wynn’s Stock Holdings

At the time of her death, Wynn owned about 8% of Wynn Resorts shares, making her the second-largest noninstitutional investor in the casino operator behind only Tilman Fertitta. Her passing has sparked questions about what will become of that stock, but her estate hasn’t formally commented on the matter. The estate has been rewarded for holding because the stock is higher by 41% over the past 90 days.

What is clear is that Wynn was a longtime devotee of the arts. In 2013, she acquired a Freud triptych at Christie’s for $142.4 million — then a record price for an auctioned artwork.

“Wynn’s collecting journey, which began in the 1980s, was something she enjoyed alongside her daughters. Drawn to what moved her, Wynn collected works spanning the 19th through 21st centuries,” added Christie’s.